to acquire controlling stake in Bital
is planning to acquire a controlling stake in Mexicos fifth-largest
bank, Grupo Financerio Bital. Bital has 6 million customers and
a market share of 12.5%. HSBC has already received an approval
from Mexicos National Banking and Securities Commission
to go ahead with the due diligence process to decide on the offer.
Bital is keen
to have a shareholder as it has to raise $550 million capital
to meet the regulatory requirements. The bank, at present, has
only $140 million of capital.
Bital is one
of the two banks, in Mexico, that is not controlled by a foreign
institution. Spains Santander Central Hispano has a total
of 27% stake in the bank after purchasing 8.3% stake from Portugals
Banco Comercial Portugues for $85 million.
will have to inform the banking authorities in Mexico if it is
interested to increase its stake in Bital. The Spanish has 14%
share in Mexican banking market.